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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
LaCie S.A.
On August 3, 2012 the Company acquired 23,382,904 (or approximately 64.5%) of the outstanding shares of LaCie S.A. ("LaCie") for a
price of €4.05 per share with a price supplement of €
0.12 per share, which would have been payable if the Company had successfully acquired at
least 95% of the outstanding shares of LaCie within 6 months of the acquisition. Of the amount paid at the acquisition date, €9 million is treated
as compensation cost to one of the selling shareholders, who is now an employee of the Company, to be recognized over a period of 36 months
from the acquisition date, and may be refunded to the Company if the selling shareholder is no longer employed at the end of that period. The
transaction and related agreements are expected to accelerate the Company's growth strategy in the expanding consumer storage market,
particularly in Europe, Japan and in premium distribution channels.
The acquisition-date fair value of the consideration transferred for the business combination totaled $111 million, including cash paid of
$107 million, and contingent consideration of $4 million.
The following table summarizes the estimated fair values of the assets acquired, liabilities assumed, and noncontrolling interest at the
acquisition date:
The following table shows the fair value of the separately identifiable intangible assets at the time of acquisition and the period over which
each intangible asset will be amortized:
In fiscal 2013, the Company recorded adjustments to the fair value of certain assets acquired and liabilities assumed with LaCie S.A. that
resulted in a net increase of $1 million to Goodwill, and a corresponding decrease in Intangible assets.
77
(Dollars in millions)
Amount
Cash and cash equivalents
$
71
Accounts receivable
29
Marketable securities
27
Inventories
46
Other current and non
-
current assets
19
Property, plant and equipment
12
Intangible assets
45
Goodwill
13
1
1
1
1
Total assets
262
1
1
1
1
Accounts payable and accrued expenses
(73
)
Current and non
-
current portion of long
-
term debt
(6
)
1
1
1
1
Total liabilities
(79
)
1
1
1
1
Noncontrolling interest
(72
)
Total
$
111
1
1
1
1
1
1
1
1
(Dollars in millions)
Fair Value
Weighted
-
Average
Amortization
Period
Customer relationships
$
31
5.0 years
Existing technology
1
5.0 years
Trade name
13
5.0 years
Total acquired identifiable intangible assets
$
45
1
1
1
1
1
1
1
1
1
1